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Tesla, Coinbase lead drop in crypto-related stocks as bitcoin plunges

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SpaceX founder and Tesla CEO Elon Musk looks on as he visits the construction site of Tesla’s gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021.

Michele Tantussi | Reuters

Cryptocurrency related stocks led by Tesla and Coinbase dropped on Wednesday as bitcoin plunged the equivalent of a bear market in just a single day.

Bitcoin at its low point of the day was down more than 30% on the session to $30,001.51, its lowest since late January, according to Coin Metrics. The cryptocurrency, and the related stocks, recovered some losses later Wednesday, with bitcoin climbing back to $39,774 at 4:01 p.m. ET.

“You had a confluence of events…where you started breaking down the positivity…



Source cnbc.com

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